Page 651 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Mumbai Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH

C.P. (I.B.) No. 856/7/NCLT/MAH/2017

Decided On: 19.06.2017

Applicant: Peerles Financial Services Ltd.
VS
Respondent: Rasoya Proteins Ltd.

Judges/Coram:
Hon'ble Sh. B.S.V. Prakash Kumar Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Ms. Niketa Shah, Advocate

For Respondents/Defendant: None.

ORDER

Hon'ble Sh. B.S.V. Prakash Kumar Member (J)

1. The Applicant herein has filed a Petition for winding up under Sections 433(e), 434(1)(a) and
439(10) of the Companies Act, 1956 against the Corporate Debtor before the Hon'ble High Court of
Bombay and the same was numbered as Company Petition No. 769/2016. The said Company Petition was

transferred to this Tribunal for adjudication under section 7 of Insolvency and Bankruptcy Code, 2016
(the Code) and renumbered as TCP/856/2017.

2. The Financial Creditor namely, Peerless Financial Services Ltd. filed Form No. 1 as required
under Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, on 27-
03-2017, stating that the Corporate Debtor namely Rasoya Proteins Ltd. has defaulted on 21.09.2015 in

making the repayment of the financial debt of Rs. 5,00,00,000/-granted on 22.09.2014 along with interest
and other dues to the extent of Rs. 70,15,749/- totalling Rs. 5,70,15,7491- as on 31.07.2016 and also

claimed further interest and expenses.

3. The financial creditor states that the Corporate Debtor on 19-09-2014 entered into a facility

agreement wherein the Corporate Debtor has requested the Financial Creditor to grant a loan of Rs.
5,00,00,000/- for the working capital requirement. Accordingly, the Financial Creditor
sanctioned the loan of Rs. 5,00,00,000/- repayable in 4 quarterly instalments of Rs. -1.25 crore each

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